NNPC Shipping, Stena Bulk, Caverton Launch New Joint Venture Partnership To Boost Nigeria, Africa’s Energy, Maritime Sectors

The Nigerian National Petroleum Company (NNPC) Shipping, Stena Bulk,
and Caverton Marine Limited today announced the signing of a new
joint venture that will transform Nigerian maritime transportation.

The agreement, signed in London last week, aims to create a new tanker
operation serving Nigeria and West Africa’s crude oil, refined product and
LNG regional and global shipping requirements.

The joint venture partners will create a new company whose objective is to
provide top quality, reliable and efficient maritime transport. The partners
will also explore options to create a modern and efficient fleet of tankers,
comprising both new and existing tonnage depending on market factors
and commercial opportunities in the region.

The partners will evaluate opportunities for both vessel acquisitions and
long-term charter arrangements, with a focus on maintaining competitive
operating costs while meeting the highest standards of safety and
sustainability.

This fleet will primarily serve the logistics needs of NNPC (crude, clean and
LNG/LPG). Additionally, the new company will cater to other oil producers and traders, offering strategic advantage of a modern fleet, strong financial backing, and
maritime pedigree and heritage.

Speaking on the announcement, Managing Director – NNPC Shipping, Panos
Gliatis, said: “This strategic partnership marks a significant milestone in
NNPC’s commitment to modernising Nigeria’s maritime infrastructure. By
combining our expertise with Stena Bulk and Caverton Marine, we are
creating a robust platform that will enhance our domestic refining, import
and export capabilities and strengthen Nigeria’s position in global energy
logistics.”

In his remarks, President & CEO of Stena Bulk, Erik Hånell, said: “This
collaboration aligns perfectly with our pragmatic strategy of expanding our
presence in key growth markets while maintaining our high standards of
operational excellence and sustainability. Nigeria’s energy sector is
undergoing remarkable transformation, and we’re proud to be part of this
journey.”

Also speaking, Head of Stena Bulk USA, Johan Jäwert, said: “We look
forward to developing shipping activities locally with Caverton and
benefiting from NNPC’s strong position in the oil market. Combined with
our know-how across all aspects of commercial and technical shipping, we
will create a world-leading shipping company providing first-class service to
the energy market.”

CEO of Caverton Offshore Support Group, Bode Makanjuola, said: “This joint
venture, the result of many years of planning, marks a significant stride in
enhancing Nigeria’s maritime capabilities. By combining local knowledge
with international best practices, we are establishing a world-class
operation that will benefit not only Nigeria but the entire Sub-Saharan
Africa region.”

This joint venture comes at a time when Nigeria is asserting its position as
Africa’s largest economy. The country’s strategic location, growing
population, and ambitious infrastructure developments are creating new
opportunities for shipping companies.

By establishing this world-class tanker operation, the partners are not only
meeting immediate logistical needs but also contributing to Nigeria’s long-
term economic diversification and growth.

As the shipping arm of NNPC Ltd, NNPC Shipping spearheads the integral
shipping logistics operations crucial for the country’s oil and gas
distribution.

Stena Bulk, with offices in seven countries and a combined fleet of around
70 vessels, is one of the world’s leading tanker shipping companies.

Caverton Marine Limited is a leading integrated offshore support company
providing marine and aviation logistics to oil and gas companies across
Nigeria and Sub-Saharan Africa.